SINGAPORE (THE BUSINESS TIMES) – The following companies saw new developments that may affect trading of their shares on Friday (Aug 7):
OCBC: OCBC on Friday posted a larger-than-expected 40 per cent fall in Q2 net profit on surging provisions, as the bank joined its peers in bumping up provisions to buffer against bad loans to emerge amid the pandemic-fuelled crisis. OCBC shares closed at $8.80 on Thursday, up $0.16 or 1.9 per cent.
DBS, United Overseas Bank (UOB): Shares of the local banking trio rose on Thursday, as investors found some cheer from conservative provisions set aside by DBS and UOB and an unchanged outlook guidance in their latest quarterly results released before market open. DBS shares closed at $20.40 on Thursday, up $0.57 or 2.9 per cent, while UOB shares were up $0.34 or 1.8 per cent at $19.76.
CapitaLand: The real estate giant on Friday posted an 89 per cent drop in net profit to $96.6 million for the six months ended June 30, from $875.4 million a year ago, due to the impact of Covid-19 measures on its residential, retail and lodging businesses. CapitaLand shares ended Thursday flat at $2.76.
Genting Singapore: In its worst quarterly performance since the opening of Resorts World Sentosa in 2010, Genting Singapore logged a $163.3 million net loss for Q2 FY2020 ended June, reversing a $168.4 million net profit from a year ago. Shares of Genting closed flat at $0.71 on Thursday.
StarHub: StarHub on Friday reported that its net profit fell 5.6 per cent to $37.3 million for the second quarter ended June 30, 2020, from $39.5 million for the year-ago period. Service revenue slumped 15 per cent to $376.2 million for the quarter. StarHub shares gained $0.01 or 0.8 per cent to close at $1.22 on Thursday.
Wilmar International: Wilmar’s Chinese unit, Yihai Kerry Arawana, has received confirmation from the listing committee of the Shenzhen Stock Exchange that it meets the listing and disclosure requirements. Shares of Wilmar last traded at $4.79, down $0.02 or 0.4 per cent before a trading halt called on Thursday. The company requested to lift this trading halt on Friday morning before the market opened.
Fraser and Neave (F&N): Net profit of the beverage maker fell 8.2 per cent to $118 million for the nine months ended June, as top line took a hit from lower soft drink sales in Malaysia and printing-plant closures amid the Covid-19 pandemic. Shares of F&N closed at $1.34 on Thursday, up $0.01 or 0.8 per cent, before the results announcement.
Prime US Reit: Prime US Reit’s distribution per unit stood at 3.52 US cents for its first half ended June 30, 2020, 5.1 per cent higher than its initial public offering forecast of 3.35 cents. Units of Prime US Reit closed 0.5 US cent or 0.6 per cent higher at 80.5 cents on Thursday, before its results were released.
Sunningdale: Precision manufacturer Sunningdale posted an $8.25 million net profit for the six months ended June, reversing a $292,000 loss from a year ago with some help from Covid-19-related government grants. Shares of Sunningdale closed flat at $1.20 on Thursday, before the results announcement.